As the CME gap is currently at $103,462, it could influence Bitcoin to reach that price in the near future.
At the time of writing, Bitcoin is trading around $103,000, between critical support at $102,801 and resistance at $104,263.
The market is still cautious and investors are looking for a possible gap fill or another drop.
At the moment, Bitcoin is trading near $103,000 after experiencing a modest drop of 0.8% in the last day. Recent technical analysis shows that at $103,462, a CME futures gap has formed that traders may see as an important near-term goal for a market rebound. With prices currently lower than this point, there is speculation about whether the difference will be absorbed in the near future, as this has often impacted how Bitcoin’s price behaves.
https://twitter.com/rovercrc/status/1923619994207912276 Market Opens with Downward Pressure
The Bitcoin chart for the day shows that price moved below $102,801, then gradually recovered due to fluctuations within the range of $102,801 to $104,263. The market started with selling pressure and the price slid before an upturn began to move it toward the CME gap area.
When the CME is closed for the weekend and global crypto trading goes on, this can cause wide CME gaps. Usually, these gaps are carefully monitored by technical analysts, since Bitcoin often goes back to the gap level after trading resumes, either rising or falling.
Bitcoin Eyes CME Gap, Faces Key Resistance Ahead
Traders are now considering the possibility that Bitcoin will move back up to fill the new CME gap identified at $103,462. Such price differences are often believed to be moments of underpaid or overpaid values, but they are usually corrected shortly after.
Yet, the first resistance at $104,263 might temporarily stop the upward movement. To ensure the gap is filled and the rally lasts, Bitcoin must overcome the resistance around $103,500 and remain strong above that level.
Technical Levels Offer Mixed Signals
According to the CME trading band, the market is currently in a cautious mood. $102,801 became an important support level after the first break-out. If Bitcoin falls below its current price, additional downside is likely unless buyers step in. Should the currency break past the gap zone and resistance, this might suggest that buyers are now in charge.
With the price a little below the gap, Bitcoin continues to be in a technically sensitive state. Since Bitcoin is trying to steady itself, traders ought to stay watchful of day-to-day moves within a limited range.
Broader Outlook
Technically, the CME gap at $103,462 is there as a possible target. However, overall conditions in the broader market as well as mood in the crypto sector may determine if Bitcoin can reach it. Meanwhile, brief traders will probably remain eyeing the price around the $103K zone.
